Sell Property Quick – Costly Mistakes to Avoid
The following are costly mistakes which sellers should avoid if they hope to sell property quickly.
Listing the home before it is ready
Many times, this happens when the seller becomes impatient and wants to sell property quick before completing the pre-sales work. So the home gets listed with an untidy lawn and an incomplete paint job. Presentation is very crucial. It is therefore important to make sure the work is done before placing the property on the market.
Over-improving the home
This happens with bump outs, upgrades and additions which make the house stand out among other in the neighborhood. As a result, the house becomes an anomaly rather than a welcome addition to the community.
Pricing the home based on the ‘asking’ price
Though sellers have control over the ‘asking’ price, they have no control over the ‘sales’ price. The market controls the sale price. Regardless of what the seller wants, it is the reality of the market that determines the sales price.
Hiring an agent who isn’t qualified
Make sure the agent hired is a professional with a track record. You might want to entrust your asset to your cousin who recently got his license. In that case, make sure another experienced professional is involved so as to make sure everything is handled professionally.
Getting emotionally involved in the home sale
This is a major challenge which many home sellers deal with when listing their house. Once you make the decision to sell house cash, it ceases to be a home and becomes a commodity. Regardless of what you want, it is only the market that can influence the pricing. Some of the people who will come to view your home will not appreciate all the work you have put into it over the years.
Covering up or not disclosing problems
Many states have a property disclaimer/disclosure form. You need to complete it wisely. The fact that you disclaim does not protect you from being sued later for a dilapidated air/heating system or a leaky basement that is discovered 25 days after settlement.
Not lining up your ducks before attempting to sell
Some sellers fail to read the fine print on the current mortgage to make sure that there are no pre-payment penalties. It is also very important to listen to the dictates of your particular local market. If the local real estate market is dictating lower prices, then lower your price early and not later, otherwise it will cost more. If the local real estate market dictates selling first and buying second, then do it in that order.
Avoiding such mistakes is not very difficult. There are many professionals and resources available to help you steer clear of the pitfalls and sell your house now. Do your homework early and listen to your instincts, as well as the advice from insurance, real estate and finance experts.
Stephan is a freelance writer, who often writes about wholesale homes and wholesale property .
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